BP ousts Chair Albert Manifold over "serious concerns" on governance and conduct, appoints Ian Tyler as interim replacement.
BP p.l.c. announced the immediate removal of Albert Manifold as Chair and Director, citing governance, oversight, and conduct issues. The board has appointed Ian Tyler as Interim Chair, with a formal search for a permanent successor underway.
Governance and Removal
The BP Board stated it had identified "serious concerns" regarding governance standards, oversight, and conduct related to Manifold. The board described the issues as unacceptable and voted unanimously for his removal. Manifold stated he was dismissed without warning or explanation and disputed the characterization of his conduct. Senior independent director Amanda Blanc expressed surprise and disappointment regarding the identified issues.
Succession and Leadership
Ian Tyler has been appointed Interim Chair, effective immediately. Meg O'Neill remains CEO. The board announced it would initiate a search for a permanent Chair.
Background and Context
Manifold, former CEO of CRH, had served as BP's Chair for approximately seven months, having been appointed in late 2024. In December 2024, CEO Murray Auchincloss stepped down, and Meg O'Neill was named his successor, two months after Manifold became chair.
Shareholder and Market Information
Earlier this year, 18% of shareholders voted against Manifold's election as chairman. This occurred following BP's proposals to reduce climate reporting requirements and move shareholder meetings to a fully online format. Legal & General criticized those proposals as negatively impacting shareholder insight. Glass Lewis advised investors to vote against Manifold's election.
Financial Performance
BP reported a 16% drop in 2025 earnings to $7.49 billion. Following the announcement of Manifold's removal, BP's shares fell 5% on the New York Stock Exchange.